Volkswagen will sign an investment deal with an unnamed Iranian private automaker in the coming weeks, a deputy industries, mining and trade minister said.

Mansour Moazzami added that several international automakers have already signed joint ventures and investment deals with Iranian companies, Asre Khodro reported.

“This year, more international automotive contracts will see the light of day,” he said. Moazzami noted that enhancing production quality is the ministry’s main goal. “Hopefully, Iran’s auto industry will observe a 140% growth this year,” he said. In the last Iranian year (ended March 19, 2016), 900,000 cars were produced in Iran, which number is estimated to reach 1,300,000 units this year.

By Financial Tribune